Liberata UK pension scheme falls into the PPF
A pension scheme whose trustee chairman is called Dick Turpin has fallen into the Pension Protection Fund.
The Liberata Pension scheme - whose members included many former local authority pension scheme workers themselves - has announced it will commence an assessment period for entry into the PPF as it can no longer continue to fund the “significant deficit” in the plan and remain in business.
Last year, many pensioners received a paltry increase of just 87p, according to one scheme member, who asked to remain nameless.
The pensioner said: “This year we can expect nothing at all at best; the value of our pensions might even fall.”
Liberata UK was the sponsoring employer of the Liberata Pension Plan, a defined benefit plan. However, it has been unable to fund the deficit, which is as yet not revealed. The plan administrators are Aon Hewitt.
According to a letter delivered to pensioners today, current pensioners over normal pension age, members receiving ill-health pensions and those beneficiaries in receipt of spouse’s or dependants’ or children’s pensions will have 100 per cent compensation at the assessment date.
There will be a 90 per cent compensation level, capped at £29,748.68, which applies to everyone else, including members who took an early retirement pension and are still under their normal pension age at the assessment date.
Under the PPF, no lump sum death benefits are payable.
Mr Turpin said: “We will keep members informed of future developments in relation to the plan and progress being made through the PPF assessment period from time to time.”
The Dick Turpin of Liberata is not the same Dick Turpin as the managing director of Artemis Fund Managers Limited.